Wells Fargo Simple Business Checking is an introductory-level business checking account that provides basic banking services for small businesses. It includes 50 free monthly transactions and up to $3,000 cash deposits as well as access to 5,635 branches and more than 13,000 fee-free ATMs nationwide. It has a waivable monthly fee of $10, and it is best for nonprofits, home-based professionals, and small businesses.
Wells Fargo Simple Business Checking Pros and Cons
Has the most number of branches in the United States
Accounts do not earn interest
Allows online account application
Only includes limited transactions and cash deposits
Requires very low opening deposit
Who Wells Fargo Simple Business Checking Is Best For
- Nonprofits, home-based professionals, and smaller businesses: Sole proprietors and newer organizations with lower account balances and limited banking activities will benefit from Wells Fargo Simple Business Checking’s low opening deposit requirement, waivable monthly fee, and reasonable minimum balance requirement to avoid the fee. All of these without having to pay more for additional and unnecessary features that come with other types of business checking accounts.
- Growing limited liability companies (LLCs): The bank offers you flexibility in terms of updating your account services as you scale your business. You can upgrade your business checking account or add financing and investment services to meet your evolving business needs.
Wells Fargo Simple Business Checking Fees & Rates
Minimum Balance Requirement to Waive the Monthly Fee
$500 average balance each fee period
Minimum Opening Deposit
First 50 transactions per statement period are free;
50 cents per transaction thereafter
Wire Transfer Fee
Domestic (incoming): $15 per transfer
Domestic (outgoing): $30 per transfer
International (incoming): $16 per transfer
International (outgoing): $25 to $45 per transfer
Cash Deposit Fee
First $3,000 cash deposited per statement period are free;
30 cents per $100 cash deposited thereafter
$35 per item; no more than eight overdraft item fees per business day
$12.50 per overdraft protection transfer from your linked savings account
$2.50 per cash withdrawal at non-Wells Fargo ATMs in the US
$5 per cash withdrawal at non-Wells Fargo ATMs outside of the US
Wells Fargo Simple Business Checking’s fee of $10 per month can be waived by maintaining at least $500 in average balance each fee period. As its name implies, this type of account offers the most basic banking services, yet it provides a vast network and support like that of upper-level business checking account types.
It should also be noted that it has a limited number of free transactions (up to 25 items) and cash deposits (up to $3,000) included per statement cycle. If you feel that your business requires higher limits and more advanced services, then you may want to check its higher-tier business checking accounts.
Wells Fargo Simple Business Checking Services
Wells Fargo Simple Business Checking account offers straightforward services that are set to work seamlessly alongside other financial tools to cater to businesses with different needs. This checking account makes business banking easier with the following services:
Card Design Studio
This is a unique and free service offered by Wells Fargo that lets you customize your business debit and credit cards by letting you add your logo and tagline. Moreover, its credit and debit cards come with zero liability protection at no additional cost, which provides reimbursement when you promptly report unauthorized card transactions.
Small Business Security Center
Wells Fargo offers 24/7 fraud monitoring with account alerts to notify you of certain account activities that the bank may find suspicious. It also sets automatic sign-offs and solid encryption and browser requirements to protect your data.
Wells Fargo Mobile® and Wells Fargo Business Online®
Wells Fargo’s online and mobile banking lets you securely manage your business accounts anytime and anywhere. Wells Fargo Mobile® lets you view account details, manage banking transactions, deposit checks, make purchases quickly using a digital wallet, turn cards on or off, and use biometric authentication.
Wells Fargo Business Online®, on the other hand, allows you to transfer money and pay business expenses, integrate your account with financial software, and do financial planning, among others.
Merchant, Payroll, and Treasury Management Services
These are additional business services that you can tie up with your checking accounts to help you better manage your business and improve cash flow. It should be noted, however, that these services come with a fee that is either transaction-based or fixed amounts, depending on the specific processing service.
Wells Fargo Simple Business Checking Alternatives 2020
Business owners with no more than 100 monthly transactions and $5,000 deposits per month
Business owners who want to avoid all transaction fees and live near a Capital One branch.
Businesses with a low number of transactions
$15; waived if you have a minimum daily balance of $1,500 or you maintain a linked Chase Private Client Checking or Chase Sapphire Checking personal account
$15; waived if you maintain a $2,000 minimum 30- or 90-day average balance or if you have two other Capital One accounts
$14 to $18; waived if you have a minimum of $5,000 average monthly balance or a minimum of $3,000 daily balance
Minimum Opening Deposit
Cash Deposit Fee
First $5,000 free, then $2.50 per $1,000
Free up to $5,000 per month, then $1 for every $1,000 after that
First $7,500 free, then 30 cents for every $100
First 100 free, then 40 cents per item after 100 transactions per month
Unlimited free transactions
First 200 transactions free, then 45 cents per item after 200 transactions per month
$2.50 per transaction at any non-Chase ATM in addition to ATM operator fees
None on more than 39,000 Allpoint ATMs nationwide
None from Bank of America ATMs; $2.50 to $5 for non-Bank of America ATMs
Most Helpful Wells Fargo Simple Business Checking Reviews
While the majority of the Wells Fargo reviews found online are for its personal accounts and services, a few business account holders have left a mix of positive and negative feedback. While there are no specific reviews for its Wells Fargo Simple Business Checking account, customers who wrote reviews said that it has poor phone support and long hold times. On the contrary, a few clients commended the customer service they receive through its local branch staff.
Good mobile application with easy-to-use features
One account holder who wrote a positive review on ConsumerAffairs likes how she can easily communicate with her personal banker. She added that its mobile application, as well as its easy-to-use features, helps her manage her account all in one place.
Poor customer support
One client who wrote a negative review on ConsumerAffairs said that since she opened her business account last year (Dec. 10, 2019), she has received nothing but rude and unprofessional service. She added that she had to call a lot of times to make a complaint and kept receiving different information and policies every time. She mentioned that she even experienced being hung up on by one of the bank’s customer service representatives.
Wells Fargo Simple Business Checking Frequently Asked Questions (FAQs)
What information do I need to apply online?
The basic information required from you upon your online application includes the following:
- Your Social Security number
- Business tax identification (ID) number
- A valid driver’s license or state ID
- US state or territory business registration information
- $25 opening deposit
Additional details and documents may be required, depending on your business type.
What other business services does Wells Fargo offer?
If you are interested in getting all your banking solutions from Wells Fargo, it offers other types of business checking accounts, savings accounts, certificates of deposits, loans and credits, merchant services, payroll, investment services, financial planning, and business retirement planning.
What account activities are considered as transactions?
Transactions include any combination of deposits, paid items, and deposited items, including paper and electronic transactions. Meanwhile, transactions do not include purchases and payments made using a Wells Fargo Business Debit Card or Wells Fargo ATM Card, Business Bill Pay, or Direct Pay payments made through Wells Fargo Business Online®. Wells Fargo Merchant Services transactions are excluded from the transaction count as well.
Small and growing businesses will find Wells Fargo Simple Business Checking’s low monthly fee and opening deposit requirement advantageous. It allows online account application and provides you with a vast network of 5,635 branches and more than 13,000 fee-free ATMs nationwide. Additionally, it offers unique account services like its Card Design Studio and small business security center.
Its only major drawback is that it has very limited transactions and cash deposits included each month, which is not ideal for those who perform a lot of account activities. The good news, however, is that Wells Fargo checking accounts, including Wells Fargo Simple Business Checking, offers the flexibility that matches your business scalability.
In case you still aren’t sure if Wells Fargo Simple Business Checking is right for you, then this article on the best small business checking account is a review of our top choices. Here, we looked at a variety of providers and narrowed our recommendations down based on features like monthly and transaction fees, opportunities to earn an introductory offer, and the size of the banks’ network.